Internal audit and enterprise risk management in financial institutions in ghana.
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Date
2023
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KNUST
Abstract
The study’s aim is to assess the impact of internal audit functions on enterprise risk management focusing on financial firms in Ghana, specifically Greater Accra. In this study, 286 questionnaires were distributed by using stratified sampling technique, which entails dividing the banks, insurance companies, and capital market brokerage into distinct strata. After which 260 useable questionnaires were deemed suitable for analysis. Multiple regression analysis was used to test the study's hypothesized relationships. The findings demonstrated a significant enterprise risk management practices within the financial institution in Ghana. The finding implies that ERM is a holistic approach to managing risks across an entire organization. In financial institutions, ERM encompasses the identification, assessment, and mitigation of various risks, aligning risk management strategies with the institution's objectives. The findings showed that internal audit functions is positively and significantly connected to enterprise risk management of financial firms in Ghana. The results implies that internal audit acts as an independent and objective assurance function within an organization. Its primary role is to assess the effectiveness of risk management processes and controls. The study adds to a less researched area of internal audit functions and enterprise risk management practices, by investigating the internal audit and enterprise risk management in financial institution in Ghana. The results of the study highlight the enterprise risk management practices in financial firms, as well as the effect of internal audit functions on enterprise risk management practices in financial firms
Description
A thesis submitted to the department of accounting and finance, school of business, kwame nkrumah universityof science and technology in partial fulfilment of the requirements for the award of the degree of master of science in accounting and finance